NEW DELHI: Nifty50 climbed 2 per cent on Wednesday and closed near its immediate resistance level at the 9,400 level. The NSE barometer formed a 'Bearish Belt Hold' as the 50-pack index could not hold on to its opening gains and closed near the day's low.

Analysts are not convinced about Wednesday's gains. They say the prevailing trend remains negative. "In the next two trading sessions, if the index fails to get past Wednesday's high of 9,585, it will initially slide towards the recent low of 9,043. A move beyond this level can extend the upswing to 9,700 level, where there seems to be confluence of resistance points,” said Mazhar Mohammad, Chief Strategist at Chartviewindia.in.

For the day, the index rose 187 points, or 2.03 per cent, to close at 9,383. During the session, the index took support from 13-day moving average.

Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan, said the recent gap area, which Nifty had created with the formation of the Bearish Island, acted as a catalyst for a fresh round of selling at the higher level.

Check out the candle formations in the latest trading sessions"In terms of Fibonacci retracement, the 61.8 per cent retracement of the recent decline from 9,889 to 9,043 level acted as a crucial barrier on the upside. Structurally, the stage looks set of the next down move, unless Wednesday's high of 9,584 is taken out. On the downside, the 9,350-9,240 zone is an immediate support area," Ratnaparkhi said.

Rajesh Palviya of Axis Securities said daily strength indicator RSI and the momentum indicator Stochastic are in a bullish mode, indicating buying may arise at lower levels.

"For the coming session, the 9,430 level remains a crucial resistance to watch out for. Any sustainable move above it will signal further strength towards the 9,500-9,560 zone. On the downside, the 9,350 level is an immediate intraday support zone. Any violation of the same will trigger profit booking and take Nifty towards 9,200 level," Palviya said.